Audit Committee

In 2016, the Audit Committee’s work focused on monitoring progress made on the implementation of an updated financial controls framework, designed to improve the effectiveness of the Group’s internal risk management and control environment.
Paul Spence

roles and responsibilities

  • Oversee the financial reporting process and ensure the integrity of the company’s financial statements
  • Monitor internal audit
  • Approve external audit scope and fee, review and monitor external auditor’s independence

Committee membership and attendance during 2016

   Meetings Attended
Paul Spence (Chairman)  4 of 4
John Daly  3 of 4
Adam Crozier  2 of 2
Steve Mogford  2 of 2
Tim Weller (Chairman)  3 of 3
1. Tim Weller stepped down as chair and as a member of the Audit Committee on 15 August 2016. Paul Spence was nominated to chair the meeting of the committee in December 2016.

2. Adam Crozier retired from the board and the Audit Committee after the AGM on 26 May 2016.

3. Steve Mogford became a member on 27 May 2016.

4. Other regular attendees include the chief financial officer, the Group financial controller, the company secretary, the Group director of risk and internal audit and representatives of the Group’s external auditor. The chairman of the board, a chartered accountant who spent his executive career with Deloitte, also attends most meetings. In addition the chief executive also attends meetings from time to time when invited by the chairman.

main activities of the audit committee during the year (%)



Audit Committee Responsibilities

The committee ensures that there is effective governance of the Group’s financial reporting and internal controls to safeguard the integrity of its financial statements and the adequacy of related disclosures, and assists the board in relation to its consideration of whether or not the annual report of the Group is fair, balanced and understandable.

corporate governance


office meeting

corporate governance

The board oversees the Group’s overall governance framework, reviews and approves the strategy, monitors managements’ performance against agreed targets and ensures appropriate controls are in place and operating effectively.